International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Interpretive Structure Model Designer Risk management in the field of investing in start-up companies in the capital market

Document Type : Original Article

Authors
Foroogh Adiban 1
Reza Seidkhani 2
Rahmatollah Mohammadipor 2
fatemeh ahmady 3
1 Department of Accounting,il.c., Islamic Azad University, Ilam, Iran
2 Department of Accounting , il.c., Islamic Azad University, Ilam, Iran
3 Department of Accounting, il.c., Islamic Azad University, Ilam,
10.22034/ijfma.2026.78670.2289
Abstract
As a driving force for innovation and economic growth,start-ups play a significant role in the dynamics of capital markets.However,investing in these companies is associated with a variety of complex,and interconnected risks that require a structured and systematic approach to identify, analyze,and manage.The present study aims to design a risk management model in the field of start-up investment ‌in ‌the capital market based on ‌interpretive structural
modeling.This Research From Opinion Goal, Exploratory and From Opinion Approach,Qualitative It is.In this study,17experts were interviewed.The snowball method was used to collect information,and then the information extracted from the texts and interviews was categorized and analyzed using thematic analysis .Attention To Goals Desired, From Interview Half Structure Finding and Review Texts Based on the content analysis strategy for Plural Avery Data Use Done Ultimately,it comes down to72primary themes,15secondary themes,and,Six organizing themes and one overarching theme were identified.The findings show that corporate governance and strategic planning,along with macro and social environmental risks,play a role as underlying factors at the lowest level.These factors are the basis for the emergence of technological and innovative risks, and legal,regulatory,and intellectual property risks,which are at the middle level of the model.These risks directly affect operational and supply chain risks,human and human resource risks,which in turn are the background for the emergence of financial and investment risks,and market,competition,and brand risks at the final level of the model.The final model of this research can help capital market decision-makers,startup managers,and investors better understand the structure of risks,prioritize threats,and develop effective strategies for risk management.
Keywords
Risk management
start-ups
capital market
strategic management
interpretive structure
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